Despite a serious rise in mortgage rates, the UK real estate market remains active. According to the report of one of the UK’s largest developers, Barratt Developments PLC, during the first quarter of 2023, the number of orders increased by 6.9%, and as a result, it was able to increase the volume of completed housing. In total, the company has 17,206 properties for sale in the 2023 financial year.
In its annual report, the company outlined its achievements for the 2023 financial year. Barratt Developments stated that from May to the end of June 2023, the company experienced a decline in demand for housing. This was due to a sharp rise in mortgage rates in the UK and an increase in the size of monthly payments. In the third quarter, Barratt was able to bring demand closer to seasonal patterns.